As a parent, it’s always a wonderful thing to see your child growing up. The years can pass by so swiftly that before you realize it, it’s already time for him or her to prepare for the college admission tests.

But the bigger question is—are you prepared to shoulder the expenses that a college diploma entails? If you already have a plan and a separate fund ready for action, then there’s nothing for you to worry about. However, if you’re the kind of parent who has put off college planning until the last minute, you have to decide on a plan as quickly as possible so you can discuss it with your child.

College is a major decision that you and your child will have to tackle seriously. It entails great financial resources, the tenacity to stay on despite the rigorous academic requirements and emotional support from one another.

It is never bad to aim for high goals, but make sure that you and your child have realistic expectations given the scarcity of financial aid programs and the difficulties of being admitted to the top educational institutions in the country. He can’t study at an expensive school if you can’t afford it and scholarships don’t always fill in the gaps. You can’t force him to take a particular course if he doesn’t have even an ounce of interest in the subject matter.

Deciding about what to do for college is something that you and your child should mutually make. Here is some food for thought as you sit down and talk about college with your child:

1. Consider your child’s career: the course that your child wants to take will be the single biggest factor in determining where he will go for college, how much you will have to spend for it and how he will prepare for the admission exams. There are courses that will allow him to graduate and get a job in three years’ time, but there are also other career paths that can take as long as a decade to finish. Be sure that you both understand the complexities and difficulties of getting into the school and applying for financial aid, provided you are qualified for it.
2. Talk about your financial resources. Your child has to know if he will need to look for work to earn extra cash to augment your financial contribution even before he is packed off to the dormitory. Learning financial independence is certainly a good thing, but not at the expense of his academic standing. Some students need time to adjust to their new environment before they can take additional responsibilities like a job, so don’t expect your child to be able to work and study at the same time immediately. Be realistic about what you can and cannot do for your child in terms of financial support so that he can also make plans and contributions on his own.
3. Help your child to prepare for the admission exams. Be generous with your words of encouragement and advice as your child reviews for the college entrance tests. Nothing prepares your child better for college than a solid educational foundation. Help him brush up on the most critical subjects that will impact his chances of getting into his college of choice the most, such as English, Math, Science, History and Computer Science. Let him know that you are with him every step of the way.
4. Do your homework. If your child already knows what course he wants to take, it’s up to you now to help him choose the best college or university. This will help you prepare not just for the admission exams but also for the actual costs that you will incur once he is accepted for enrolment. Your expenses will vary from institution to institution, so you should be careful to note the differences and the options that are available to you. After all, you will have to pay not just tuition fees but also dormitory fees, living allowance, medical costs, etc. Learning about the different colleges and universities that offer the best programs for your child can help you plan ahead and structure your finances accordingly.
5. Check out financial aid options. Knowing about the various colleges that your child can attend will help you gather important information about financial aid and scholarship requirements that can help ease the burden of sending your child to college. There are different types of programs that can look into, such as work-study plans, merit-based financial aid, need-based financial aid and federal financial assistance. Go over each option with your child and solicit his ideas on the matter so you can both come up with a mutually sound decision.

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When not out building relationships with other bloggers, Krisca Te can be found reading blogs that tackle how to save money. She is also a personal finance freak who is currently working with CCF, a personal finance blog that writes about financial literacy.